Cape Verde:Recent Economic Developments

Author: International Monetary Fund

Recent Economic Developments

Volume/Issue: Volume 1999 Issue 058

Publication date: July 1999

ISBN: 9781451809251

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Exports and Imports , Inflation , Economics- Macroeconomics , ISCR , CR , government , emergency contraction , structural adjustment , government activity , customs regime , banking system , exchange rate , foreign exchange , private sector , consumer price , central bank , Commercial banks , Inflation , Western Europe , Europe , Global

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Summary

This paper analyzes economic developments in Cape Verde during 1990–99. Although the GDP growth rates accelerated, unemployment remained at the high level of about 25 percent and fiscal policies, until 1996, unsustainably lax. This situation resulted in the rapid accumulation of domestic debt and the depletion of foreign reserves to a level as low as half a month of imports in early 1996. Largely as a result of fiscal contraction and droughts, growth rates of real GDP during 1996–98 seemed to have slowed down to some extent.